CURRYS (+) : FY sales update first take: a solid finish to the year

Research evidence excerpt

CURRYS (+) : FY sales update first take: a solid finish to the year

EQUITIES

GENERAL RETAIL

CURRYS OUTPERFORMPRICE* 126p  TARGET PRICE 160p (UPSIDE 27%)

FLASH NOTE

FY sales update first take: a solid finish to the year

19 MAY 2026 Securities Research Report Production time: 07:30* (London time)

Research Analyst & Publishing Entities

Nick Barker BNP Paribas London Branch +(44) 203 430 8664 nick.a.barker@uk.bnpparibas.com

FY sales update: what happened?

Currys’ has reported Group LFLs of +4% for the post-peak period from 10 January – 2 May. Bloomberg-compiled

consensus is thin, but UK&I LFL sales of +4% are above our expectation (+3%) while Nordics LFL sales of +4% are

below our expectation (+7%). Commentary suggests stable gross margins more than offset cost headwinds in the UK&I

and that Currys took market share in the Nordics. Currys anticipates FY Apr-26 Adj. PBT to be GBP c.191m, above its

GBP 180m – 190m guidance range and ahead of consensus of GBP 188m. It expects to finish the year with a net cash

position of GBP 170m (company-compiled consensus GBP 137m), which reflects solid trading momentum. It says that

the process to appoint a new CEO is going well.

BNP Paribas View: above the top end of the FY Apr-26 guidance range

Today’s statement is robust, in our view, with FY Apr-26 adj. PBT expectations above the top end of the guidance range

and a net cash position ahead of expectations. Sales in the Nordics were light of consensus expectations, reflecting a

normalisation after the peak trading. However, forward-looking developments will likely be the main focus, with investors

possibly taking some reassurance from the comments that Currys has not yet seen an impact from the Middle East

conflict and its energy costs are well hedged.